BRISBANE'S newest telco, Superloop Limited (ASX: SLC), has started trading on the ASX.
Bevan Slattery's latest venture has been admitted to the ASX following its successful IPO which raised $17.5 million.
The SLC founder and executive chairman - whose experience includes co-founding Pipe Networks with Steve Baxter - says the company board is delighted with the results of the IPO.
Under the offer, about 59.5 million shares were sold at $1 each. Slattery retained his majority shareholding of almost 67 per cent and upon IPO completion, the company was expected to have a market cap of about $90 million.
"The IPO has enabled the participation of more than 2,300 investors in Superloop's future as we strive to deliver on our vision of becoming a leading independent provider of connectivity services across the Asia Pacific Region," says Slattery.
"I would like to congratulate everyone involved in the IPO process including Superloop staff, its advisers including Moelis & Company, Morgans Financial, McCullough Robertson and Deloitte, and, most importantly our institutional and retail shareholders."
IPO funds will be used to complete the construction of the Australian and Singapore networks, operate and maintain those networks, hire additional sales professionals and continue to evaluate new growth opportunities.
SLC CEO Daniel Abrahams says the company remains on track to deliver on its aims.
"Superloop remains on track to achieve its planned 'network live' milestone during the third quarter of 2015 for its initial core networks in Australia and Singapore," says Abrahams. "This should be happening from July onwards in Brisbane, Sydney, Melbourne and Singapore."
Abrahams tells Brisbane Business News he is 'honoured and humbled' by the strong investor support to date.
"We are obviously on a high at the moment having just listed and have equally high expectations," says Abrahams.
"We are honoured and humbled by the support and are very confident in the Australian ingenuity and innovation occuring across the Asia Pacific region, which is really the next growth market."
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